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How Do I Leave a Tax-Advantaged Wealth Legacy to My Family?
Many older people want to leave money for their children and grandchildren, but they may never have been able to amass a lot of wealth. This is where life insurance comes in—it can allow you to leverage your dollars to leave more to your loved ones. Life insurance has what is called a “death benefit” which usually pays out to a named beneficiary tax- and probate-free. In fact, life insurance can provide one of the most tax-advantaged ways to leverage and transfer wealth. Our insurance services include term life, whole life, indexed universal life (IUL) and annuities.
As a completely independent firm, we have access to nearly every carrier and every kind of life insurance, and we compare features and premium prices so that we know we’re making recommendations based on solid numbers. We read the fine print when it comes to policy terms and conditions. So, whether it’s term or permanent, whole or universal, annuity or life, we will do the research to help you manage risk while potentially achieving other financial objectives.
Here are some of your choices when it comes to life insurance:
1) When you’re young, you can purchase a term life policy which expires someday. It’s usually less expensive and it allows you to protect your family from the loss of you or your spouse as the primary breadwinner.
2) Even when you are young you may choose a more long-term life insurance solution, like a permanent whole life or indexed universal life policy. They cost more, but part of the amount you pay goes into the “cash value” that builds up inside the policy. The cash value can be borrowed later, usually tax-free, for any purpose. Your policy will “charge” interest, but in some cases, the interest “paid” on the policy zeroes this out, or it even accrues at a higher rate. Permanent policies can be purchased at nearly any age, as long as you are relatively healthy, and older adults often purchase them for covering a surviving spouse’s lost income upon their passing, and for leaving a tax-advantaged legacy for their extended family.
3) Also available from life insurance companies, a fixed indexed annuity is another option that can provide lifetime retirement income while protecting your principal from stock market loss. You can purchase a deferred annuity years before you retire, or an immediate annuity for retirement. Fixed indexed annuity contracts are credited interest based on a benchmarked index like the S&P 500, and guaranteed interest can be credited per contract terms, backed by the financial strength and claims-paying ability of the insurance company providing the annuity contract. Annuities are long-term contracts, and come with surrender fees, so we will help you consider your whole financial picture including keeping adequate reserves and emergency funds because we treat you like family at Rojas Retirement Solutions. We want what’s best for you!
4) Funds for long-term care are available as part of life insurance or annuity policies. In some cases, they are part of the main policy; in other cases, they can be added as policy riders. Unlike traditional long-term care stand-alone policies which simply cancel if you don’t need care after you’ve paid premiums on them for years, with these hybrid policies, if you don’t need care then money will be passed to your loved ones as a tax-advantaged death benefit.
Reasons to have insurance
- Protect your spouse and children from the loss of a breadwinner
- Help ensure your family can continue their lifestyle
- Protect a spouse’s income
- Provide adult children and grandchildren with a tax-advantaged wealth legacy
- Borrow against cash value in a policy tax-free for any purpose, even retirement income, as long as your policy stays in force.
With Rojas Retirement Solutions, there is NO FAMILY LEFT BEHIND when it comes to life insurance! Contact us now for a free consultation. Call us at (833) 401-ROLL to discuss your life insurance options, Or schedule a FREE MEETING now:
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